We have gone out to each insurer in order to help you better understand the options they are making available to help clients suffering from financial hardship keep their policies in force but pay a reduced or no premium. In the tables below you can select the insurer you would like to see the answers for.
We are still awaiting responses from a number of insurers and this table will be updated as soon as we receive them.
Premium Holiday/Premium Deferral
Will you allow clients to take a premium holiday or defer premiums in the current environment?
If yes in what scenario would this be available
If the client is or has become unemployed
Struggling financially but not unemployed
How long must the policy be in force before you will allow a premium holiday or premium deferral to be exercised?
How long can the premium holiday/premium deferral last for?
Will you require the client to repay missed premiums at the end of the premium holiday/premium deferral?
If yes, how long does the client have to repay premiums?
Is the client still covered during the premium holiday/premium deferral period
If yes is this based on reduced cover?
If yes what definition of incapacity is used?
If a client takes a premium holiday/premium deferral resulting in reduced or ceasation of premiums do you clawback any commission within the imdemnity period
If a client takes a premium holiday/premium deferral resulting in reduced or ceasation of premiums do you still pay non-imdemnity commission?
If yes is this payed on a reduced basis?
If a client takes a premium holiday/premium deferral, will you extend the imdemnity/Non-Imndemnity period in line with the length of the premium holiday?